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In a stunner of an admission, Alan Greenspan engaged in the time-honored practice of CYA with House Oversight Committee chairman Henry Waxman.Some highlights from the AP:“Greenspan said he had made a ‘mistake’ in believing that banks in operating in their self-interest would be sufficient to protect their shareholders and the equity in their institutions.“Greenspan called this ‘a flaw in the model that I perceived is the critical functioning structure that defines how the world works.’”…“In his testimony, Greenspan put the blame for the subprime collapse on over-eager investors who did not properly take into account the threats that would be posed once home prices stopped surging upward.“‘It was the failure to properly price such risky assets that precipitated the crisis,’ Greenspan said.Before I plot to rip this slimy jackass a new body orifice, let me just say that I have never liked Alan Greenspan from the first moment he appeared on the radar of the Nixon Administration. I was only a kid back then, but at that time I understood mathematics well enough to comprehend the snake oil this fool was hocking on the open market.The only redeeming value to humanity this man serves is an ability to play the saxophone. He should have continued to “tickle the reed” with Stan Getz and stayed the hell away from practicing his dubious post-doctoral degree in Economics. He should have inhaled when offered to pass the pipe with his fellow jazz musicians. He should have duct-taped his latest wife to a wall in his attic and taken her down only for holiday celebrations.A libertarian to the bitter, friggin’ end, this worthless piece of human waste counted the Countess of Corporeal Coprophagia, Ayn Rand, among his closest friends. How quaint. Objectivism is a sallow, shallow and hollow philosophical foundation on which to base a personal zeitgeist, let alone a global financial movement. And yet, here in contemporary financial and emotional terms, we have the anti-democratic, pro-fascist, Howard-Roarkian rape fantasy of Ayn Rand played out for all to see. As Anwar Sadat said with his dying breath, “incredible.” Or, as his last words are more commonly understood, “impossible.”
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By Richard Volaar (about the author)
One for the record books, folks.
Award winning poet, writer and refugee from the educational testing industry. Richard agitates, supports and motivates activists of all kinds, the most well-known being Cindy Sheehan. Web developer and designer by day, writer by night, Richard has (more...)
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